A recent report published by Infinium Global Research on the RFID blood monitoring system market provides an in-depth analysis of segments and sub-segments in the global as well as regional RFID blood monitoring system market. The study also highlights the impact of drivers, restraints, and macro indicators on the global and regional RFID blood monitoring system market over the short term as well as long term. The report is a comprehensive presentation of trends, forecasts, and dollar values of global RFID blood monitoring system market. According to the report, the global RFID blood monitoring system market is projected to grow at a CAGR of 21.62%% over the forecast period of 2020-2026.

Market Insight

RFID systems are being used in the healthcare sector to manage and track blood products from the initial donor phlebotomy to final disposition or product transfusion. Several transfusion departments and hospital supply chains have been able to manage blood samples and components to facilitate the identification and transfusion of blood products to the correct patient through RFID-enabled transfusion practices. Moreover, these systems also increase provider productivity and product quality.

The current concern over the spread of novel coronavirus is also anticipated to have a positive impact on the RFID blood monitoring system market for the short term. Moreover, the pressures facing the healthcare sector in the wake of the Covid-19 outbreak are unprecedented. Regardless of the determination of amazing staff, the already-stretched system has found itself further confronted by the sheer scope, speed, and severity of the crisis. At this critical time, it is more important than ever for industries to unite in evolving innovations that will help the health service now and in the near future. This technology not only enhances the visibility and monitoring of blood but also protects healthcare professionals by limiting physical contact with patients. Apart from that, the growing digitalization of healthcare in developing countries along with healthcare RFID becoming more prominent and is expected to witness growth over the forecast period.

Transfusion therapy is an integral part of treatment in several diseases and blood disorders. Therapies such as RBC transfusion, platelet transfusion, and plasma transfusions are being widely adopted and continuously evolving to meet the requirements of a changing disease landscape. The growth of these transfusion therapies are largely driven by the increasing incidence of infectious diseases, the rising number of accidents & trauma cases. Further, the rising occurrence of cancer that requires a high amount of blood for chemotherapy has enhanced the growth of blood transfusion therapies. In addition, inherited blood diseases, such as thalassemia, sickle cell disease, and glucose-6-phosphate dehydrogenase deficiency are also affecting millions of people.

Apart from that, reducing blood transfusion errors have been the primary focus for hospitals and clinics as transferring blood products from donation or supply centers to medical facilities involves multi-steps, which can introduce human error. Moreover, RFID systems helps to support blood collection, as well as the processing, labeling, inventory, and distribution of blood products. These systems are being used to regulate and monitor smaller samples of red cells, plasma, platelets, and other blood-related products, which in turn increases the adoption of these systems in transfusion medicines. However, data privacy, management, and security concerns to hamper the growth of the RFID blood monitoring systems market. In addition to that, high cost of RFID technology to impede the adoption of RFID blood monitoring systems.

Among the geographies, North America dominates the global RFID blood monitoring system market owing to the presence of advanced healthcare infrastructure. Furthermore, Europe is expected to hold a significant share in the global RFID blood monitoring system market due to the rapid adoption of technologically advanced tools along with diagnostic efficiency and testing across the region. The global RFID blood monitoring system market in the Asia Pacific region is projected to witness the fastest growth owing to the increasing incidence of disease rates leading to rising blood diagnostic and blood inventory management. Latin America and Middle East & Africa are likely to expand at a healthy pace in the coming years owing to the rising emphasis on technological advancements in the diagnosis and treatment process is likely to boost demand for the RFID blood monitoring system market in the region.

Segment Covered

The report on the global RFID blood monitoring system market covers segments such as type, and end-user. On the basis of type, the sub-markets include systems, and tags. On the basis of end-user, the sub-markets include blood banks, and hospital blood Centers.

Companies Profiled:

The report provides profiles of the companies in the market such as Invengo Information Technology Co Ltd, LogTag recorders Ltd, Cardial Health, Terso Solutions Inc., InnerSpace, Digi-Trax Corp, SATO Vicinity Pty Ltd., Mobile Aspects Inc., LogiTag Medical Solutions, and Other Companies.

Report Highlights:

The report provides deep insights into the demand forecasts, market trends, and micro and macro indicators. In addition, this report provides insights into the factors that are driving and restraining the growth in this market. Moreover, The IGR-Growth Matrix analysis given in the report brings an insight into the investment areas that existing or new market players can consider. The report provides insights into the market using analytical tools such as Porter's five forces analysis and DRO analysis of the RFID blood monitoring system market . Moreover, the study highlights current market trends and provides forecasts from 2020-2026. We also have highlighted future trends in the market that will affect the demand during the forecast period. Moreover, the competitive analysis given in each regional market brings an insight into the market share of the leading players.